Mr Tom Gitogo, the CIC chief executive. FILE PHOTO | NMG
CIC Insurance Group is pursuing more deals
with non-governmental organisations (NGOs) in South Sudan to tap extra
income from medical cover business.
Tom Gitogo, the CEO, said the NGO world in South Sudan is driving the economy, with high demand for medical cover.
“We
want to work with NGOs to enrol medical cover in South Sudan. This is
one of our growth strategy and just last week we won the medical scheme
of the biggest oil producer in South Sudan – DAR Petroleum Operating
Company Ltd worth $4.3 million (Sh430 million),” said Mr Gitogo during a
financial analysts briefing session in Nairobi.
The
Nairobi Securities Exchange (NSE)-listed insurer’s CEO said many South
Sudanese are also getting medical services in Kenya and Uganda.
South Sudan was the only regional subsidiary which generated
income in 2017 — profit of Sh10 million largely from investment income.
“The
problem we have with South Sudan is political instability. For us we
are there to stay, but we’ll not invest heavily for the time being,”
said Mr Gitogo. The group’s other subsidiaries are in Uganda and Malawi.
CIC also plans to expand to Tanzania once the regional businesses
stabilises.
The
insurer recorded higher premium and commission making a 154 per cent
growth in net profit to Sh478.5 million for the year ended December
2017.
Gross written premiums grew by 20.9 per cent (Sh2.6 billion) to Sh14.95 billion in 2017.
Most
of the premiums income was from Kenya, with Uganda contributing three
per cent to the gross written premiums, South Sudan and Malawi adding in
just one per cent each.
No comments :
Post a Comment